Soybean oil rally, tight supply support animal fats market

Soybean oil rally, tight supply support animal fats market

A car of technical tallow traded higher on Tuesday July 2, up to 55 cents per lb Chicago basis. Edible and bleachable fancy tallow prices were quiet on Tuesday, with most market participants planning to sit the week out due to tight holiday production and a sharply higher soybean oil futures market.

The Chicago Board of Trade (CBOT) soybean oil price was sharply higher again on Tuesday, with the July-August contracts all up over 100 points and the most liquid contract, December, finishing the day at 46.72 cents per lb and up 97 points from Monday July 1’s close.

The soybean oil market has seen support over the last three trading sessions due to short covering and strength in the wider veg oil complex, including cuts to the outlook for palm supply.

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